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How Much Is Expatriation Tax? Can It Be Reduced or Avoided? (United States Expatriation Tax Rate)

How Much Is Expatriation Tax? Can It Be Reduced or Avoided? (United States Expatriation Tax Rate) Don't forget to subscribe:    / @esquiregroup   Have any questions? Contact us: https://esquiregroup.com/contact/ Understanding how to reduce (or potentially eliminate) your expatriation exit tax could be the deciding factor in whether or not you remain a US citizen. In this video, I discuss the primary strategies used to avoid or reduce the so-called exit tax that might apply when someone renounces their US citizenship or terminates their long-term US residency. The so-called exit tax applies to “covered expatriates.” Covered Expatriates include those with a net worth of $2 mil or more, average annual income tax in excess of $178,000 (over the 5 years prior to the year of expatriation) (2022 amount), and those not in tax compliance. Everyone else is a “non-covered expatriate.” The exit tax has two primary components: 1. Mark-to-market tax on unrealized gains - essentially, you’re treated as though you sold all assets you own for fair market value on the day before expatriation. While certain restrictions apply, most expatriates can take advantage of the full $767,000 (2022 amount) gain exclusion that is tax-free. 2. Deferred compensation items (like a traditional IRA) are generally treated as distributed on the day before expatriation. Here, I focus on the mark-to-market component. Put simply, you can reduce or potentially eliminate your exit tax by reducing the amount of wealth that is included in your wealth calculation. There are 5 main strategies for reducing or potentially limiting your exit tax liability, and I will be covering them in this video. Thanks for watching! If you found this video to be helpful and informative, feel free to leave a like rating and a comment below, and also subscribe to our channel for more videos like you just watched. Website: https://esquiregroup.com About Jimmy Sexton: Hi! I am Jimmy Sexton, LL.M. - Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning. Connect with me on LinkedIn:   / jimmysextonllm   Disclaimer: This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.